The Bank of Canada raised its key lending rate by 0.50% today. This is the 6th consecutive increase by the Bank of Canada and means most lenders will raise their prime rate to 5.95%
This is an increase of $26 for every $100,000 of your mortgage.
We are in unprecedented times with persistent inflation that the Bank of Canada is attempting to combat with rate increases. We don’t know for sure what will happen next but we are happy to discuss all your options.
●Continue to ride out the ups and downs with a variable rate
●Choose to convert to a fixed interest rate (with potential penalties)
Call us today to discuss the best option for you after we review your specific situation.